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Geely to challenge Tata, Renault with low-cost car?

Word on the web would have us believe that Geely has its eyes set on snatching the least-expensive car crown from Tata. The Chinese automaker has announced that it will bring its IG concept to market, and that it will cost a mere $2,250 at current conversion rates. If that's not enough to raise your eyebrows, the company says that its pint-size econobox will be a higher-quality alternative to what's currently rolling out of India. Granted, that's not exactly an atmospheric quality goal, but at this price point, every little bit helps.

Expect to see a 70 horsepower, 1.0-liter engine to put power to the front wheels via a CVT gearbox when the car hits markets in China and Russia. The company hasn't made mention of any fuel economy numbers just yet, but we have to imagine the IG can hold its own in that department.

Autocar reports that the company plans to have the IG in showrooms by 2012, and that there's some chance that an all-electric version will crop up in both Europe and the U.S. not long after. The company is already planning to swap the gasoline engine for an electric motor with 80 horsepower and 133 lb-ft of torque. There's no word on what we can expect in terms of top speed, but the company says the concept is capable of cruising for 93 miles on a single charge.